Telkom Drops to Lowest Since 2003 on Report of $454 Million Antitrust Fine

Telkom South Africa (TKG) Ltd., the nation’s biggest fixed-line operator, dropped to the lowest in more than eight years after Business Day reported the country’s antitrust commission asked the Competition Tribunal to impose a 3.5 billion-rand penalty on the company.

The stock declined as much as 2.5 percent to 27.50 rand, the weakest intraday level since Nov. 21, 2003, and traded 1.1 percent down at 27.90 rand by 9:07 a.m. in Johannesburg.

The Competition Commission asked the tribunal to impose the fine on Telkom, saying the company has abused its dominant position by charging excessive prices, the Johannesburg-based newspaper said, citing the commition.

To contact the editor responsible for this story: Ana Monteiro at amonteiro4@bloomberg.net

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